CoreLogic trims term loan B to $3.25 billion with addition of bonds

By Sara Rosenberg

New York, April 12 – CoreLogic Inc. downsized its seven-year first-lien term loan B to $3.25 billion from $4 billion and added a $750 million senior secured notes offering to its capital structure, according to a market source.

Talk on the term loan is Libor plus 350 basis points to 375 bps with a 0.5% Libor floor, an original issue discount of 99 to 99.5 and 101 soft call protection for six months.

JPMorgan Chase Bank, Wells Fargo Securities LLC, Ares, BofA Securities Inc., Truist, Credit Suisse Securities (USA) LLC, KKR Capital Markets, Golub, RBC Capital Markets, Capital One, U.S. Bank, BMO Capital Markets, Citizens Bank, Fifth Third, KeyBanc Capital Markets, Macquarie Capital (USA) Inc., Nomura, MUFG, Stifel and SPC are the lead arrangers on the deal.

Proceeds will be used to help fund the buyout of the company by Stone Point Capital and Insight Partners for $80 per share in cash, representing an equity value of about $6 billion.

Closing is expected in the second quarter, subject to shareholder approval, regulatory approvals and other customary conditions.

CoreLogic is an Irvine, Calif.-based property information, analytics and data-enabled solutions provider.

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